CIBC Asset Management Inc Purchases 2,563 Shares of Credo Technology Group Holding Ltd. $CRDO

CIBC Asset Management Inc lifted its position in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO) by 49.9% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 7,704 shares of the company’s stock after purchasing an additional 2,563 shares during the quarter. CIBC Asset Management Inc’s holdings in Credo Technology Group were worth $1,109,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Crewe Advisors LLC increased its position in shares of Credo Technology Group by 163.1% in the 4th quarter. Crewe Advisors LLC now owns 171 shares of the company’s stock valued at $25,000 after buying an additional 106 shares in the last quarter. Atlantic Union Bankshares Corp bought a new position in Credo Technology Group during the third quarter worth about $25,000. Flagship Harbor Advisors LLC acquired a new position in Credo Technology Group in the fourth quarter valued at about $32,000. Smallwood Wealth Investment Management LLC bought a new stake in shares of Credo Technology Group in the fourth quarter worth about $36,000. Finally, Smartleaf Asset Management LLC increased its holdings in shares of Credo Technology Group by 133.6% in the third quarter. Smartleaf Asset Management LLC now owns 257 shares of the company’s stock worth $38,000 after acquiring an additional 147 shares in the last quarter. Institutional investors and hedge funds own 80.46% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have recently weighed in on the company. Rosenblatt Securities lifted their price objective on Credo Technology Group from $175.00 to $215.00 and gave the company a “neutral” rating in a report on Tuesday, June 2nd. The Goldman Sachs Group reissued a “buy” rating and set a $250.00 target price on shares of Credo Technology Group in a research note on Tuesday, June 2nd. Susquehanna raised their target price on shares of Credo Technology Group from $200.00 to $235.00 and gave the stock a “positive” rating in a report on Tuesday, June 2nd. Weiss Ratings raised shares of Credo Technology Group from a “hold (c)” rating to a “hold (c+)” rating in a research note on Tuesday, May 26th. Finally, Roth Mkm upped their price target on shares of Credo Technology Group from $200.00 to $300.00 and gave the company a “buy” rating in a report on Tuesday, June 2nd. One investment analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $248.41.

Credo Technology Group Stock Performance

Shares of NASDAQ CRDO opened at $222.27 on Tuesday. The stock has a 50 day moving average price of $172.17 and a 200 day moving average price of $147.79. The stock has a market capitalization of $41.00 billion, a PE ratio of 89.63, a price-to-earnings-growth ratio of 1.34 and a beta of 3.22. Credo Technology Group Holding Ltd. has a 52 week low of $66.75 and a 52 week high of $245.95.

Credo Technology Group (NASDAQ:CRDO) last posted its quarterly earnings results on Monday, June 1st. The company reported $1.16 earnings per share for the quarter, topping the consensus estimate of $1.02 by $0.14. Credo Technology Group had a return on equity of 36.99% and a net margin of 35.37%.The firm had revenue of $437.00 million for the quarter, compared to analyst estimates of $431.80 million. During the same quarter in the previous year, the firm earned $0.20 EPS. The business’s quarterly revenue was up 157.0% on a year-over-year basis. As a group, research analysts forecast that Credo Technology Group Holding Ltd. will post 3.93 EPS for the current year.

Insiders Place Their Bets

In related news, CEO William Joseph Brennan sold 50,000 shares of the business’s stock in a transaction on Wednesday, March 11th. The shares were sold at an average price of $117.68, for a total transaction of $5,884,000.00. Following the transaction, the chief executive officer directly owned 1,782,502 shares in the company, valued at approximately $209,764,835.36. The trade was a 2.73% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CTO Chi Fung Cheng sold 27,500 shares of the company’s stock in a transaction on Wednesday, March 11th. The stock was sold at an average price of $117.60, for a total transaction of $3,234,000.00. Following the sale, the chief technology officer directly owned 6,272,370 shares in the company, valued at $737,630,712. This trade represents a 0.44% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 386,608 shares of company stock worth $50,371,351. 11.84% of the stock is owned by corporate insiders.

Credo Technology Group Company Profile

Credo Technology Group, Inc (NASDAQ: CRDO) is a fabless semiconductor company that develops high‑speed connectivity solutions for cloud, enterprise and telecommunications infrastructure. The company focuses on semiconductors and related IP that enable reliable, low‑latency movement of large volumes of data between servers, switches and optical modules in data centers and network equipment.

Credo’s product portfolio centers on high‑speed analog and mixed‑signal devices designed to preserve signal integrity and extend reach over copper and optical links.